# Chow Test: Structural Break on Income Balance

| Statistic | Value |
|:---|---:|
| Pooled N | 3907 |
| Pre-GFC N | 2191 |
| Post-GFC N | 1432 |
| Pre-GFC Z₁ | 55.61 |
| Post-GFC Z₁ | 28.60 |
| Chow F-statistic | 46.293 |
| Chow p-value | 0.0000 |
| Structural break | Yes*** |

*Chow (1960) test for structural break at 2008-2009.*
*Break point excludes 2008-2009 transition years.*